The use of mobile devices to conduct payment transactions via near field communication has been beneficial for both consumers and merchants. Consumers may be able to conduct financial transactions using their mobile device without the need to carry a physical payment card, which may result in higher account security. However, some mobile devices may not be configured to securely store payment credentials, which may make them unable to be used to conduct financial transactions. Furthermore, many consumers may be apprehensive to use their mobile devices for fear of their payment account information being intercepted via the near field communication process.
Thus, there is a need for a technical solution to providing a platform for consumers to use a mobile device to conduct financial transactions, without the need for payment credentials to be stored locally on the mobile device or transmitted to or from the mobile device. Such a solution may enable a consumer to engage in financial transactions both on the Internet and at a point-of-sale, without the need for the consumer to exchange or possess account information. This may result in additional security and peace of mind for the consumer, which may result in increased business activity for merchants.